Cymer Lowers Revenue Guidance

The company says its second-quarter top line will be about 12% below the prior forecast.

Cymer ( CYMI), a supplier of lasers used in chip manufacturing, lowered its second-quarter revenue guidance by about 12%, saying customers have pushed out some orders until later in the year.

The company said its gross margin will also probably be below its previous guidance, but expenses will be within the expected range.

Cymer said second-quarter revenue will be between $58 million and $61 million, compared with an earlier forecast that the top line would be roughly flat with the $67.6 million reported in the first quarter. Gross margin will be 13% to 17% for the quarter instead of the previously expected 17% to 22%.

The company plans to report its results on July 22.

The company also said that "visibility remains limited, and volatility remains high," complicating its ability to forecast results. Still, Cymer said it should be able to reach its quarterly break-even target of $60 million by the fourth quarter.

Analysts polled by Thomson First Call expect Cymer to post a second-quarter loss of 27 cents a share, with revenue of $67.4 million.

Shares of Cymer were losing $2.09, or 6%, to $30.55 on Instinet before the opening bell.